Applied Digital Corp (APLD) 2023 Q4 法說會逐字稿

Good morning, and welcome to Applied Digital's Fiscal Fourth Quarter and Full Year 2023 Conference Call. My name is Donna, and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal fourth quarter and full year ended May 31, 2023, in a press release, a copy of which will be furnished in a report on Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

早上好，歡迎參加 Applied Digital 2023 財年第四季度和全年電話會議。我叫唐娜，今天我將成為您的接線員。在此電話會議之前，Applied Digital 在一份新聞稿中發布了截至 2023 年 5 月 31 日的第四財季和全年財務業績，其副本將在向 SEC 提交的 8-K 表格報告中提供，並可在該公司網站的投資者關係部分查看。

Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO, David Rench. Following their remarks, we will open the call for questions. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement.

參加今天電話會議的還有 Applied Digital 董事長兼首席執行官 Wes Cummins；和首席財務官大衛·倫奇。在他們發表講話後，我們將開始提問。在我們開始之前，Gateway Group 的 Alex Kovtun 將做簡短的介紹性發言。

Mr. Kovtun, please proceed.

科夫通先生，請繼續。

Great. Thank you, operator. Good morning, everyone, and welcome to Applied Digital's Fiscal Fourth Quarter and Full Year 2023 Conference Call. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

偉大的。謝謝你，接線員。大家早上好，歡迎參加 Applied Digital 2023 財年第四季度和全年電話會議。在管理層開始正式發言之前，我們想提醒大家，我們今天發表的一些聲明可能被視為證券法下的前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒您，有許多因素（其中許​​多因素超出了我們的控制範圍）可能導致實際結果和事件與前瞻性陳述中描述的結果和事件存在重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. We disclaim any obligation or any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

有關我們前瞻性陳述的更詳細的風險、不確定性和假設，請參閱我們向美國證券交易委員會提交的收益報告和公開文件中的披露內容。我們不承擔更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的任何義務或承諾，除非法律要求。

We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption Risk Factors in our annual report on Form 10-K.

我們還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的收益報告中適用的 GAAP 指標的披露和調節表。我們建議您參閱我們向美國證券交易委員會提交的文件，了解我們業務的詳細披露和描述以及不確定性和其他可變情況，包括但不限於我們 10-K 表格年度報告中“風險因素”標題下確定的風險和不確定性。

You may get Applied Digital Securities and Exchange Commission filings for free by visiting the SEC website at www.sec.gov. I would also like to remind everyone that the call is being recorded and will be made available for replay via a link available in the investor election of Applied Digital's website.

您可以訪問 SEC 網站 www.sec.gov 免費獲取應用數字證券交易委員會備案文件。我還想提醒大家，電話會議正在錄音，並將通過 Applied Digital 網站投資者選舉中的鏈接進行重播。

Now I will turn the call over to Applied Digital's Chairman and CEO for Wes Cummins. Wes?

現在我將把電話轉給 Applied Digital 的董事長兼首席執行官 Wes Cummins。韋斯？

Thanks, Alex, and good morning, everyone. Thank you for joining our fiscal fourth quarter and full year 2023 conference call. I want to start by thanking our employees for their ongoing hard work and service and advancing our mission.

謝謝，亞歷克斯，大家早上好。感謝您參加我們的第四財季和 2023 年全年電話會議。首先，我要感謝我們的員工持續的辛勤工作和服務，並推進我們的使命。

Before turning the call over to our CFO, David Rench, for a detailed review of our financial results, I'd like to touch on some recent developments across our business. I'd also share why we remain confident about the future and our ability to deliver long-term growth. Over the last year, we've been working toward providing digital infrastructure solutions that provide differentiated services from traditional data centers. Demand for our services from both traditional customers and emerging HPC applications remains robust, and we're excited about the year ahead. As we enter fiscal 2024, we are focused on 3 key strategic goals.

在將電話轉給我們的首席財務官 David Rench 詳細審查我們的財務業績之前，我想談談我們業務的一些最新發展。我還將分享為什麼我們對未來和實現長期增長的能力保持信心。去年，我們一直致力於提供數字基礎設施解決方案，提供與傳統數據中心不同的服務。傳統客戶和新興 HPC 應用程序對我們服務的需求仍然強勁，我們對未來的一年感到興奮。進入 2024 財年，我們重點關注 3 個關鍵戰略目標。

First, we aim to have all 3 of our crypto hosting facilities fully online with high reliability and performance for our customers. Our 100-megawatt Jamestown facility continues to perform as expected and operated at full capacity with improved uptime throughout the quarter. We announced the initial energization of our 180-megawatt facility in Ellendale, North Dakota in March, and today, it's fully energized. This brings applied digital to 280-megawatts of hosting capacity across all our facilities in North Dakota all of which are contracted out to customers on multiyear terms.

首先，我們的目標是讓所有 3 個加密託管設施完全在線，為客戶提供高可靠性和高性能。我們的 100 兆瓦詹姆斯敦工廠繼續按預期運行並滿負荷運行，整個季度的正常運行時間有所改善。我們宣佈於 3 月份對位於北達科他州埃倫代爾的 180 兆瓦設施進行首次通電，今天已完全通電。這使得我們在北達科他州的所有設施的應用數字託管容量達到 280 兆瓦，所有這些設施都以多年期合同的形式外包給客戶。

The high-voltage interconnection work began last week at our Garden City site and is expected to finish this week. Energization is expected after completion and approval of the facilities extension agreement, which is imminent. We expect these facilities to generate approximately $300 million in revenue and $100 million of EBITDA on an annualized basis. Having 3 facilities online with high uptime will provide us with steady cash flow, this will aid in the capital needed to fund the build-out of our HPC data centers as well as the purchase of GPUs to service our AI cloud customers.

高壓互連工作上週在花園城站點開始，預計本週完成。設施擴建協議即將完成並獲得批准後，預計將實現通電。我們預計這些設施每年將產生約 3 億美元的收入和 1 億美元的 EBITDA。擁有 3 個正常運行時間較長的在線設施將為我們提供穩定的現金流，這將有助於為我們的 HPC 數據中心建設以及購買 GPU 為我們的 AI 雲客戶提供服務所需的資金提供資金。

The second goal is to expand our AI cloud service business to support the next wave of AI-powered applications. With the launch of this service, we can expand our offerings and catalyze on the unprecedented demand we're seeing from customers. We initially provided this service from our 9-megawatt HPC Jamestown facility along with third-party colocation space as we continue to execute on the element of our dedicated next-gen HPC data centers. We continue to see extraordinary demand for our new cloud service offering. We recently announced 2 AI customers solidifying our position as a key player in the new cloud service provider landscape.

第二個目標是擴展我們的人工智能雲服務業務，以支持下一波人工智能驅動的應用程序。隨著這項服務的推出，我們可以擴大我們的產品範圍並滿足客戶前所未有的需求。我們最初通過我們的 9 兆瓦 HPC 詹姆斯敦設施以及第三方託管空間提供這項服務，同時我們繼續在專用的下一代 HPC 數據中心的元素上執行。我們繼續看到對我們新的雲服務產品的巨大需求。我們最近宣布了 2 個人工智能客戶，鞏固了我們作為新雲服務提供商領域關鍵參與者的地位。

During the quarter, we announced the signing and successful onboarding of our first customer, Character A.I. with an agreement worth up to $180 million over 24 months. This includes the activation of the first compute cluster. We anticipate the service to be fully ramped by the end of 2023. This customer has already executed their option for the full $180 million agreement and made a significant prepayment. They have also signed an option agreement for an additional $180 million, which would bring the total value of the contract to $360 million if executed. We also secured our second AI cloud agreement in June, which is worth up to $460 million over 36 months.

在本季度，我們宣布與我們的第一位客戶 Character A.I. 簽約並成功入職。 24 個月內價值高達 1.8 億美元的協議。這包括激活第一個計算集群。我們預計該服務將在 2023 年底全面啟動。該客戶已經執行了 1.8 億美元全部協議的選擇權，並支付了大量預付款。他們還簽署了額外 1.8 億美元的期權協議，如果執行，合同總價值將達到 3.6 億美元。我們還在 6 月份獲得了第二份 AI 雲協議，該協議在 36 個月內價值高達 4.6 億美元。

To help support these contracts and our go-forward capabilities, we have ordered over 26,000 GPUs and have secured the capacity to bring these online between now and April of next year. The GPUs will be financed through customer prepayments, vendor financing options and other financing options that have been structured specifically for this market. To ensure seamless service delivery, we have collaborated with industry-leading OEMs such as Supermicro and Hewlett Packard Enterprise to leverage their HPC expertise and support the execution of our cloud service for AI-powered applications.

為了幫助支持這些合同和我們的前進能力，我們已經訂購了 26,000 多個 GPU，並確保了從現在到明年 4 月期間將這些 GPU 上線的能力。 GPU 將通過客戶預付款、供應商融資選項以及專門針對該市場構建的其他融資選項進行融資。為了確保無縫服務交付，我們與 Supermicro 和 Hewlett Packard Enterprise 等行業領先的 OEM 廠商合作，利用他們的 HPC 專業知識並支持我們針對人工智能驅動的應用程序執行雲服務。

Our services are made available to customers through 2 distinct models: reserve capacity and on-demand capacity. Under the reserve capacity model, customers pay a predetermined amount for the entire contracted duration of the GPU usage. This option provides stability and allows customers to reserve capacity in advance at a discount to on-demand capacity. For on-demand capacity, customers have more flexibility in terms of usage, but pay higher rates. The typical customers for our AI cloud service are private VC-backed companies that have raised significant funding and will likely raise additional funding to help scale their AI applications.

我們通過兩種不同的模式向客戶提供服務：儲備容量和按需容量。在預留容量模型下，客戶為整個合同規定的 GPU 使用期限支付預定金額。此選項提供了穩定性，並允許客戶以比按需容量折扣的價格提前預留容量。對於按需容量，客戶在使用方面具有更大的靈活性，但需要支付更高的費率。我們的人工智能雲服務的典型客戶是由風險投資支持的私人公司，這些公司已經籌集了大量資金，並且可能會籌集更多資金來幫助擴展其人工智能應用程序。

We tailor our agreements to these customers so that as they raise money, they can exercise options embedded in the contract to deploy GPUs and ramp up hosting capacity over time. Customers will typically make a prepayment on the contract, which helps fund a significant portion of the purchase price of the GPUs. Pipeline of business opportunities for AI cloud service remains robust, and we have significant opportunity in front of us. Our third priority is the development of our next-gen HPC data centers. We are well positioned for success in this space and believe our next-generation facilities are ideal hosting sites for HPC applications as they can accommodate the unique demands for this growing industry.

我們為這些客戶量身定制協議，以便他們在籌集資金時可以行使合同中嵌入的選項來部署 GPU 並隨著時間的推移提高託管容量。客戶通常會根據合同預付款，這有助於支付 GPU 購買價格的很大一部分資金。人工智能雲服務的商機依然強勁，我們面前有重大機遇。我們的第三個優先事項是開發下一代 HPC 數據中心。我們已做好在這一領域取得成功的準備，並相信我們的下一代設施是 HPC 應用程序的理想託管站點，因為它們可以滿足這個不斷發展的行業的獨特需求。

Our data centers offer a more purpose-built solution offering lower costs combined with high computing power compared to traditional data centers that are typically focused on delivering low latency applications. We have 300-megawatts of capacity in development, which represents an additional 10-megawatts of capacity to what we previously disclosed. This capacity pipeline does not include the current 9-megawatts of capacity we have at our stand-alone HPC facility in Jamestown, which was initially commissioned in May to begin supporting our AI cloud service customers.

與通常專注於提供低延遲應用程序的傳統數據中心相比，我們的數據中心提供更具針對性的解決方案，提供更低的成本和更高的計算能力。我們正在開發 300 兆瓦的產能，這意味著我們之前披露的產能增加了 10 兆瓦。此產能管道不包括我們位於詹姆斯敦的獨立 HPC 設施目前擁有的 9 兆瓦容量，該設施最初於 5 月份投入使用，開始支持我們的 AI 雲服務客戶。

This facility will be brought online in phases over the next few months. The 300-megawatts of capacity includes 200-megawatts of capacity available in North Dakota and a new facility we plan to build in Utah. We have a significant customer lined up for our new HPC facility in North Dakota and are currently planning to break ground in the coming months. We will continue to target states that have favorable laws and regulations for HPC application industries. We believe this further minimizes the associated risk with scaling our operations. The finance a build-out of these facilities, we're working with traditional data center lenders, along with alternative funding options.

該設施將在未來幾個月內分階段上線。這300兆瓦的產能包括北達科他州可用的200兆瓦產能以及我們計劃在猶他州建造的一個新設施。我們有一位重要客戶正在為我們位於北達科他州的新 HPC 設施排隊，目前計劃在未來幾個月破土動工。我們將繼續瞄準那些對 HPC 應用行業有有利法律法規的州。我們相信，這進一步最大限度地降低了擴大業務規模的相關風險。為了為這些設施的擴建提供資金，我們正在與傳統數據中心貸款機構合作，並提供替代融資方案。

I will now turn the call over to CFO, David Rench, to walk you through our financials and provide guidance for the upcoming 2024 fiscal year before providing my closing remarks. David?

現在，我將把電話轉給首席財務官 David Rench，他將向您介紹我們的財務狀況，並為即將到來的 2024 財年提供指導，然後再發表結束語。大衛？

Thanks, Wes, and good morning, everyone. Revenues for the fiscal fourth quarter of 2023 were $22 million compared to $7.5 million for the fiscal fourth quarter of 2022. The results this quarter were attributable to our hosting operations in Jamestown, North Dakota, along with the increase in energized megawatt capacity at the Ellendale, North Dakota facility. The Jamestown site operated at full capacity throughout the quarter.

謝謝，韋斯，大家早上好。 2023 財年第四季度的收入為 2200 萬美元，而 2022 財年第四季度的收入為 750 萬美元。本季度的業績歸功於我們在北達科他州詹姆斯敦的託管業務，以及北達科他州埃倫代爾設施兆瓦發電容量的增加。詹姆斯敦工廠在整個季度都滿負荷運營。

Cost of revenue for the fiscal fourth quarter of 2023 was $16 million compared to $7.4 million for the fiscal quarter of 2022. The increase in the cost was attributable to the higher energy costs used to generate hosting revenues, depreciation and amortization expense and personnel expenses for employees directly working on our Jamestown and Ellendale hosting facilities. Adjusted gross profit for the non-GAAP measure that excludes depreciation embedded in the cost of revenue and onetime electricity charges was $7.8 million or approximately 36% of revenue for the fiscal fourth quarter of 2023, which was compared to adjusted gross profit of $1.1 million or 15% of revenue for the fiscal fourth quarter of 2022. Operating expenses for the fiscal fourth quarter of 2023 were $12.3 million, which included $5.2 million of stock-based compensation, $6.2 million in general and administrative costs and $0.9 million of depreciation and amortization expenses. For the year ago comparable period, operating expenses were $4.4 million, almost all of which were attributable to general and administrative costs.

2023 財年第四季度的收入成本為 1600 萬美元，而 2022 年財季為 740 萬美元。成本增加的原因是用於產生託管收入的能源成本、折舊和攤銷費用以及直接在詹姆斯敦和埃倫代爾託管設施工作的員工的人事費用。不包括收入成本中包含的折舊和一次性電費的非公認會計準則指標的調整後毛利潤為 780 萬美元，約佔 2023 財年第四季度收入的 36%，而 2022 財年第四季度調整後毛利潤為 110 萬美元，佔收入的 15%。 2023 財年第四季度的運營費用為 1230 萬美元，其中包括 520 萬美元的股票薪酬、 620 萬美元的一般和管理費用以及 90 萬美元的折舊和攤銷費用。去年同期，運營費用為 440 萬美元，幾乎全部用於一般和行政費用。

Net loss attributable to Applied Digital for the fiscal fourth quarter of 2023 was a loss of $6.5 million or a loss of $0.07 per basic and diluted share based on a weighted average share count during the quarter of approximately $95.1 million. This compares to a loss of $2.8 million or a loss of $0.04 per basic and diluted share in the fiscal fourth quarter of 2022 based on a weighted average share count during the quarter of approximately $76.6 million. Adjusted net loss attributable to Applied Digital, a non-GAAP measure for the fiscal fourth quarter of 2023 was a loss of approximately $300,000 or a loss of less than $0.01 per basic and diluted share based on a weighted average share count during the quarter of approximately $95.1 million. This compares to adjusted net loss attributable to Applied Digital of $1.4 million or a loss of $0.02 per basic and diluted share for the fiscal fourth quarter of 2022 based on our weighted average share count during the quarter approximately $76.6 million. Adjusted EBITDA, a non-GAAP measure for the fiscal fourth quarter of 2023 was $2.9 million compared to an adjusted EBITDA loss of $3.1 million for the fiscal fourth quarter of 2022.

2023 財年第四季度，Applied Digital 的淨虧損為 650 萬美元，或者根據該季度加權平均股數約 9510 萬美元計算，每股基本股和稀釋股虧損 0.07 美元。相比之下，根據該季度加權平均股數約 7660 萬美元，2022 年第四財季虧損 280 萬美元，每股基本股和稀釋股虧損 0.04 美元。根據 2023 年第四財季的非公認會計準則衡量標準，Applied Digital 調整後淨虧損約為 30 萬美元，或者根據該季度約 9510 萬美元的加權平均股數計算，每股基本股和稀釋股虧損低於 0.01 美元。相比之下，根據我們在該季度的加權平均股數約為 7660 萬美元，2022 年第四財季 Applied Digital 調整後淨虧損為 140 萬美元，每股基本股和稀釋股虧損為 0.02 美元。 2023 年第四財季調整後 EBITDA（非 GAAP 衡量標準）為 290 萬美元，而 2022 年第四財季調整後 EBITDA 虧損為 310 萬美元。

Lastly, on the balance sheet, we ended the fiscal year with $29 million in unrestricted cash and cash equivalents and $79.4 million in debt. During the fiscal fourth quarter of 2023, we received approximately $1.1 million in net deferred revenue due to the structure of our commercial agreements with our customers that incorporate prepayments. In certain contracts, the prepayments are amortized back to the customers over the first year of the contract with no impact to revenue recognition, but the timing of the cash flow with the upfront cash to us is a major benefit to the company and that it helps with our CapEx funding as we build our data centers.

最後，在資產負債表上，本財年結束時，我們的非限制現金和現金等價物為 2,900 萬美元，債務為 7,940 萬美元。在 2023 年第四財季，由於我們與客戶的商業協議結構包含預付款，我們收到了約 110 萬美元的淨遞延收入。在某些合同中，預付款在合同第一年分攤給客戶，對收入確認沒有影響，但我們預付現金的現金流的時間安排對公司來說是一個主要好處，並且在我們建設數據中心時它有助於我們的資本支出融資。

Now turning to guidance for the full fiscal year 2024, we expect revenue in the range of $385 million to $405 million and adjusted EBITDA in the range of $195 million to $205 million. That completes my financial summary.

現在轉向 2024 年整個財年的指導，我們預計收入在 3.85 億至 4.05 億美元之間，調整後 EBITDA 在 1.95 億至 2.05 億美元之間。我的財務摘要就這樣完成了。

Now I will turn the call over to Wes for closing remarks.

現在我將把電話轉給韋斯，讓他致閉幕詞。

Thank you, David. To add some detail around the guidance, we expect revenue to ramp significantly in every quarter with our fiscal fourth quarter approaching $150 million of revenue.

謝謝你，大衛。為了補充有關指導的一些細節，我們預計每個季度的收入都會大幅增長，第四財季的收入將接近 1.5 億美元。

We ended the fiscal year with significant momentum. We successfully energized our Ellendale facility and launched our AI cloud service to provide high-performance computing power for AI applications. We've been advancing our existing crypto hosting operations while simultaneously expanding our offerings to further capitalize on surging demand we're seeing from customers for our services. As we look to the year ahead, even amidst the dynamic and complex macro environment, it's increasingly clear that the secular tailwinds of digital transformation remains strong, and we are well positioned to capitalize on strong demand for both crypto and non-crypto customers for our services.

我們以強勁的勢頭結束了本財年。我們成功為埃倫代爾工廠賦能，並推出人工智能雲服務，為人工智能應用提供高性能算力。我們一直在推進現有的加密託管業務，同時擴大我們的產品範圍，以進一步利用客戶對我們服務不斷增長的需求。展望未來的一年，即使在動態和復雜的宏觀環境中，越來越明顯的是，數字化轉型的長期推動力仍然強勁，我們處於有利地位，可以利用加密貨幣和非加密貨幣客戶對我們服務的強勁需求。

We're now happy to take questions. Operator?

我們現在很樂意回答問題。操作員？

(Operator Instructions) Today's first question is coming from George Sutton of Craig-Hallum.

（操作員說明）今天的第一個問題來自 Craig-Hallum 的 George Sutton。

Congratulations on the great results and great outlook. So I'm curious if you could walk through what you mean by the pipeline being robust and just provide a little more detail relative to the 26,000 GPUs that you've discussed relative to NVIDIA. Can you just walk through sort of how those will lay out over the next couple of years?

祝賀您取得了巨大的成果和美好的前景。因此，我很好奇您能否詳細解釋一下管道的穩健性是什麼意思，並提供與您所討論的 NVIDIA 相關的 26,000 個 GPU 相關的更多細節。您能簡單介紹一下未來幾年這些將如何佈局嗎？

Yes. George, so the 26,000 GPUs, so we have those on order -- actually, we've increased that order recently, but we have those on order. And as we said, the expectation is those deploy through April. We've already secured both our own facilities and third-party colo facilities to deploy that, and that's kind of what we think the delivery schedule is. from NVIDIA as well. So we have that locked in. And then from a customer standpoint, as we mentioned, Character has doubled their option on their contract. So we think just with the metrics they're seeing, I'm really optimistic about the demand from that customer. And then as our other customer, our second customer starts to ramp up later this year. That will -- those 2 combined, I think, will take the majority of the 26, if not potentially more than that. But then we have -- I think we shared back in June kind of the customer pipeline, which didn't include either one of those that we still are working on some of those contracts that I can close over the next couple of weeks.

是的。喬治，26,000 個 GPU，我們已經訂購了這些——實際上，我們最近增加了訂單，但我們已經訂購了這些。正如我們所說，預計部署到四月份。我們已經確保了我們自己的設施和第三方託管設施來部署它，這就是我們認為的交付時間表。也來自 NVIDIA。所以我們已經鎖定了這一點。然後從客戶的角度來看，正如我們提到的，角色將他們的合同選擇權增加了一倍。因此，我們認為僅根據他們所看到的指標，我對該客戶的需求非常樂觀。然後，作為我們的另一個客戶，我們的第二個客戶在今年晚些時候開始增加。我認為，這 2 個國家加起來將佔據 26 個國家中的大多數，甚至可能更多。但後來我們——我想我們在六月份分享了一些客戶渠道，其中不包括我們仍在處理的一些合同，我可以在接下來的幾週內完成這些合同。

As a follow-up on the competitive landscape, just so we better understand. When we're talking about reserve capacity deals and large language model training, what other options do these new players have relative to or kind of low-cost power options?

作為競爭格局的後續，只是為了讓我們更好地理解。當我們談論儲備容量交易和大型語言模型訓練時，這些新參與者相對於低成本電力選項還有哪些其他選擇？

So you mean the other type of cloud options?

那麼您是指其他類型的雲選項嗎？

So for 3, 4, 5, 6, 7, et cetera, who are looking to large language models, but don't require ultra-low latency. What other options are there?

因此，對於 3、4、5、6、7 等，他們正在尋求大型語言模型，但不需要超低延遲。還有哪些其他選擇？

So there's other companies that are doing this that are doing what we're doing. It's kind of the -- it's kind of a new class of CSPs that NVIDIA has invested in some of these. And so we -- it's a competitive process for us every time. That's the primary competition for us.

所以還有其他公司也在做我們正在做的事情。這是 NVIDIA 投資的一種新型 CSP。所以我們——這對我們來說每次都是一個競爭的過程。這是我們的主要競爭。

The next question is coming from Lucas Pipes of B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Lucas Pipes。

Wes, I wanted to follow up on the other financing solutions that you mentioned in your prepared remarks, specifically for AI. And I wondered if you could share some of the typical terms such as loan-to-value, amortization, schedules, borrowing costs, et cetera.

韋斯，我想跟進您在準備好的發言中提到的其他融資解決方案，特別是針對人工智能的融資解決方案。我想知道您是否可以分享一些典型的術語，例如貸款價值比、攤銷、時間表、借貸成本等等。

Sure. So it's a range. So you get typical vendor financing, right? So from the OEMs, we have terms from HPE. We actually have terms from Dell and from Supermicro. So there's typical vendor financing. And then there's another company that does the same style of vendor financing. And those terms with the one that we have used and we'll use already is kind of a 24-month term and fairly reasonable rates, high single digits on those. Then there's other options -- and the LPDs on that, Lucas, can be anywhere from 50 to call it 75%.

當然。所以這是一個範圍。所以你得到了典型的供應商融資，對嗎？因此，我們從 OEM 那裡獲得了 HPE 的條款。實際上，我們有來自戴爾和超微的條款。因此存在典型的供應商融資。還有另一家公司也提供同樣風格的供應商融資。我們已經使用和即將使用的條款是 24 個月的期限，利率相當合理，而且利率很高。然後還有其他選擇——盧卡斯，LPD 可以是 50% 到 75% 之間的任何地方。

And the GPUs, I think we've mentioned this previously, on the purchase price of the GPU, we recouped in the first 24 months of operating, so kind of the financing lining up with that number works fairly well. We're seeing other options that are more low double-digit kind of low teens financing. It's specialized specifically for this market, seeing those anywhere from 50% to 90% LTVs and the payback schedule is much less aggressive, I would say, on those, maybe 4- to 5-year type term. We haven't used that yet, but it's an option out there for us. But we're seeing quite a few different financing options and some like I said, fairly attractive rates.

至於 GPU，我想我們之前已經提到過，關於 GPU 的購買價格，我們在運營的前 24 個月內就收回了成本，因此與該數字相符的融資效果相當不錯。我們看到了其他較低兩位數的低青少年融資選擇。它專門針對這個市場，看到那些從 50% 到 90% 的 LTV，而且投資回收期要少得多，我想說，在這些市場上，可能是 4 到 5 年的期限。我們還沒有使用過它，但它對我們來說是一個選擇。但我們看到了相當多不同的融資選擇，有些就像我說的，利率相當有吸引力。

I really appreciate that detail. That's very helpful. For my second question, I wanted to touch on the guidance. Very helpful. I appreciate the detail. I wondered if you could maybe share the breakdown of BTC hosting and AI and HPC respectively that would be embedded in that calendar -- sorry, fiscal year guidance.

我真的很欣賞這個細節。這非常有幫助。對於第二個問題，我想談談指導。很有幫助。我很欣賞細節。我想知道您是否可以分別分享將嵌入該日曆中的 BTC 託管、人工智能和 HPC 的詳細信息——抱歉，是財年指導。

Yes. I actually don't have that. I don't think we plan to share that, Lucas, but we will in the future as that ramps up.

是的。我其實沒有那個。盧卡斯，我認為我們不打算分享這一點，但隨著未來的發展，我們會的。

The next question is coming from John Todaro of Needham & Co.

下一個問題來自 Needham & Co. 的約翰·托達羅 (John Todaro)。

Congrats on the guide here. How many megawatts do you envision you're going to need to fulfill the $180 million of that initial contract with Character A.I.? And then the second one with that other AI provider? And then on that, the third-party colo capacity you're using, is it already secured? And for how much of those contracts is it already secured for?

恭喜這裡的指南。您預計需要多少兆瓦才能履行與 Character A.I. 簽訂的 1.8 億美元初始合同？然後是與另一家人工智能提供商的第二次合作？然後，您正在使用的第三方託管容量是否已經受到保護？其中有多少合同已經獲得？

Yes. So the -- what I mentioned in the script, I believe, was that for the 26,000 GPUs between our own facilities and third-party colo that we have secured, so we have space for all of those. And just for reference, John, so the first -- so I would just say that the 5,000 GPUs takes about 7.5-megawatts of IT capacity. So depending on which type of colo and what the PUE is in that colo, you can multiply into what the full amount of power you need. But for IT capacity, it will take 7.5-megawatts for the 5,000 or for 5,000 GPUs.

是的。因此，我相信我在腳本中提到的是，對於我們自己的設施和我們已確保的第三方託管中心之間的 26,000 個 GPU，我們有足夠的空間容納所有這些設備。僅供參考，約翰，所以第一個 - 所以我只想說 5,000 個 GPU 需要大約 7.5 兆瓦的 IT 容量。因此，根據託管主機的類型以及該託管主機的 PUE 值，您可以乘以所需的全部電量。但對於 IT 容量而言，5,000 個或 5,000 個 GPU 將需要 7.5 兆瓦。

Got it. And then as we think about the margin profile over time, how would it change when you're using a third-party colo provider versus your own site, such as the megawatts at Jamestown?

知道了。然後，當我們考慮隨著時間的推移的利潤狀況時，當您使用第三方託管提供商與您自己的站點（例如詹姆斯敦的兆瓦）時，它會如何變化？

Yes. Sure. So we have a slide that we actually used it at your conference that breaks down the 3 businesses and the margin we expect an op margin or an EBIT margin for the cloud piece of approximately 40%. And that is in third-party colo. And so when you think about it in our own facility, what you should think about is stacking our HPC margins that we outlined, plus the AI cloud margin.

是的。當然。因此，我們有一張幻燈片，我們在您的會議上實際使用了它，它細分了 3 項業務和利潤率，我們預計雲部分的運營利潤率或息稅前利潤率約為 40%。這是第三方顏色。因此，當您在我們自己的設施中考慮這一問題時，您應該考慮的是疊加我們概述的 HPC 利潤以及 AI 雲利潤。

The next question is coming from Mike Grondahl of Northland Securities.

下一個問題來自北國證券公司的邁克·格隆達爾。

First question, just you guys mentioned that the first customer, the original $180 million is you're working towards, and they signed an option for a second $180 million. Could you explain that second $180 million a little more, does that sort of point to year 3 and 4? Or does that point to a 2-year contract starting near term and not really extend the terms?

第一個問題，剛才你們提到第一個客戶，最初的 1.8 億美元是你們正在努力的目標，他們簽署了第二個 1.8 億美元的選擇權。您能否解釋一下第二年的 1.8 億美元，這是否指向第三年和第四年？或者這是否意味著一份為期兩年的合同將從近期開始，並且不會真正延長條款？

Yes. No, it's not extending the term. It's pointing to additional GPUs. So the doubling of the number of GPUs.

是的。不，這不是延長期限。它指向額外的 GPU。因此 GPU 數量加倍。

Got it. And then earlier, you guys were asked a little bit to bifurcate the guidance, the $385 million to $405 million. I think before we've kind of updated models, we sort of -- we're in a rough range of about $300 million for the BTC hosting business. Are you still ramping towards that? Is -- if we were just to think about it roughly, is that about the level you think you can do in BTC hosting in '24? Or has that sort of been scaled back a little bit?

知道了。早些時候，你們被要求將指導意見分為 3.85 億美元和 4.05 億美元。我認為在我們更新模型之前，我們的 BTC 託管業務大致處於約 3 億美元的範圍內。你還在朝著那個方向努力嗎？如果我們粗略地考慮一下，這就是您認為 24 年 BTC 託管可以達到的水平嗎？或者說這種規模已經縮小了一點？

Well, it's scaled back just from the simple fact that Texas isn't on yet. And so we're going to miss 2 months of Texas running and then there will be some ramp time for Texas. We've talked about it coming online faster generally than is the construction is complete there. But there will be some ramp time. So annualized when they're fully operational at $300 million. And so obviously, we've already missed the June and July month for that facility. And then if you think about the AIP, I didn't give this to George, but I'm happy to give some color to this. But if you think about the AI compute side, you'll get a few million of revenue because we have the first piece that came online in July for character and so you get the month of August or first quarter, you should be thinking of a couple of million revenue there.

嗯，它的縮減只是因為德克薩斯州還沒有開始。因此，我們將錯過德克薩斯州兩個月的運行時間，然後德克薩斯州將有一些斜坡時間。我們已經談到，它的上線速度通常比施工完成的速度還要快。但會有一些斜坡時間。當它們完全投入運營時，年化成本為 3 億美元。顯然，我們已經錯過了該設施的六月和七月。然後，如果你考慮一下 AIP，我沒有把它交給喬治，但我很高興為此賦予一些色彩。但如果你考慮人工智能計算方面，你將獲得幾百萬的收入，因為我們的第一個角色在 7 月上線，所以你得到 8 月或第一季度，你應該想到那裡有幾百萬的收入。

And then as we deploy more with them, that will ramp. And then as we make all of the deployments up to the 26,000, you see that ramp through the April timeframe. And so if you think of a few million in the first quarter and then you think about the data center portion being that $300 million a year, $75 million a quarter, it gives you a pretty good idea if you're exiting at $150 million kind of where that -- where the AI cloud portion would be.

然後，隨著我們與他們一起部署更多，這種情況將會增加。然後，當我們將所有部署數量增加到 26,000 時，您會看到 4 月份的時間範圍內的增長情況。因此，如果你想到第一季度的幾百萬美元，然後你想到數據中心部分每年 3 億美元，每季度 7500 萬美元，那麼你就會很清楚，如果你以 1.5 億美元的價格退出，那麼人工智能雲部分將在哪裡。

Fair. Yes. That's helpful. And then how do we -- your partnership with SMCI and Hewlett Packard, what are sort of the 1 or 2 things you gain the most from those partnerships? Is it basically sort of the OEM pipeline that they have? What -- just help us understand that.

公平的。是的。這很有幫助。那麼我們如何——您與 SMCI 和惠普的合作夥伴關係，您從這些合作夥伴關係中獲得最大的一兩件事是什麼？這基本上是他們擁有的 OEM 渠道嗎？什麼——只是幫助我們理解這一點。

Yes. So we get a couple of things. Obviously, getting delivery of these servers is fairly difficult right now. So getting kind of prioritized and getting delivery. But then the expertise that they all bring, I mean, Supermicro has been one of the largest manufacturers and shippers of this style of compute for a long time. And so their business at Southern renounce recently is ramping really well. But they have a lot of expertise as far as racking shipping, they have full solutions. They have tax come help set up, tune these, get everything operational. HP does the same thing. So there's a lot of expertise from that, but there is a pipeline that they -- the customers come to them and that they can bring to us, that's the way really we found a lot of our pipeline.

是的。所以我們得到了一些東西。顯然，目前交付這些服務器相當困難。因此，獲得優先順序並獲得交付。但他們都帶來了專業知識，我的意思是，超微長期以來一直是這種計算方式的最大製造商和運輸商之一。因此，他們最近在南方放棄的業務發展得非常好。但他們在貨架運輸方面擁有豐富的專業知識，他們有完整的解決方案。他們有稅收來幫助設置、調整這些，讓一切正常運行。惠普也在做同樣的事情。因此，其中有很多專業知識，但他們有一條管道——客戶來找他們，他們可以給我們帶來，這就是我們找到很多管道的方式。

So the biggest places we're finding it is OEMs, bringing customers to us. We have one other or another place that we find these customers. And then the venture capitalists that are -- have introduced the ones that they're invested in several of these companies. They have introduced us into other -- of the other portfolio companies after us kind of onboarding our first customer fairly quickly. I mean, it wasn't all perfectly smooth, but I think we did that in a really short time frame and fast time frame, and everyone's happy with that. And so we've been introduced into other portfolio companies. So that's kind of how we get that pipeline. But the OEMs bring mostly those 2 things to the table, a lot of expertise.

因此，我們發現最大的地方是原始設備製造商，他們為我們帶來了客戶。我們在其他地方可以找到這些客戶。然後風險投資家介紹了他們投資於其中幾家公司的風險投資家。在我們相當快地吸引了第一個客戶之後，他們將我們介紹給了其他投資組合公司。我的意思是，這一切並不完全順利，但我認為我們在非常短的時間內做到了這一點，並且每個人都對此感到滿意。因此我們被介紹給其他投資組合公司。這就是我們獲得該管道的方式。但原始設備製造商主要帶來了這兩件事，即大量的專業知識。

(Operator Instructions) The next question is coming from Kevin Dede of H.C. Wainwright.

（操作員說明）下一個問題來自 H.C. 的 Kevin Dede。溫賴特。

Yes, I was wondering -- I apologize if I sort of missed the boat on this one. But could you peel the onion back a little bit on the contracts themselves I'm wondering, like with Character A.I., for instance, is it exclusive, binding? Is there any penalty for termination, early termination on either side?

是的，我想知道——如果我錯過了這一次機會，我深表歉意。但你能不能把合同本身的洋蔥剝開一點，我想知道，就像角色人工智能一樣，它是排他性的、有約束力的嗎？雙方終止、提前終止是否有任何處罰？

It's a standard contract. So we walked through kind of how these are structured and the first customer has it's these option periods and the first customers executed the options, so we have the full contract for the $180 million. It's a noncancelable contract except for kind of standard contract terms if we fail to perform on the contract. But other than that, it's standard, it's not exclusive for either one of us. It doesn't -- obviously, it doesn't preclude us from doing business with anyone else and it doesn't stop any -- our customers from going and getting compute power elsewhere. But that's the basic structure.

這是一份標準合同。因此，我們了解了這些的結構，第一個客戶擁有這些期權期，第一個客戶執行了期權，所以我們擁有 1.8 億美元的完整合同。如果我們未能履行合同，則這是一份不可撤銷的合同，但標準合同條款除外。但除此之外，它是標準的，不是我們任何一個人獨有的。顯然，它不會阻止我們與其他任何人開展業務，也不會阻止我們的客戶前往其他地方獲取計算能力。但這是基本結構。

Well, reserve capacity sort of implies, Wes, and I apologize to read too much in this, but it implies that you're providing capacity as a second-tier supplier. Is that not right way?

嗯，儲備能力有點暗示，韋斯，我很抱歉讀了太多這篇文章，但這意味著你作為二級供應商提供能力。這不是正確的方法嗎？

No, no. So there's 2 models in this market. And if you go and look at just the vernacular for the market. Reserve capacity means that the customer has reserved that capacity exclusively from themselves. Don't think of it as like the coast guard reserves or the international guard reserves, right? It's not -- don't think of it as that. It's -- they've reserved the capacity exclusively for themselves. And so think of it as a take-or-pay contract, so they have to pay for it, whether they're using it or not. And then as you move over the other model in the space is on demand. So people just pay for usage. And so if they use an hour, they use several thousand hours. They just pay for the hours they use. The on-demand market, the pricing is at a -- call it, a 30% premium. That's not exactly that number, but a premium to the reserve capacity market because when you're in the on-demand market, obviously, you have the risk as an operator of not having all of your capacity utilized. But the reserve contracts on -- for our side are much safer because it's basically take-or-pay guaranteed for the length of the contract.

不，不。所以這個市場上有兩種型號。如果你去看看市場的白話。預留容量是指客戶專門為自己預留了該容量。不要將其視為海岸警衛隊預備隊或國際警衛隊預備隊，對吧？不是——不要這樣想。他們專門為自己保留了容量。因此，可以將其視為照付不議合同，因此無論他們是否使用它，他們都必須為此付費。然後，當您移動到空間中的其他模型時，就會按需提供。所以人們只需為使用付費。因此，如果他們用一個小時，他們就會用幾千個小時。他們只需為使用的時間付費。在按需市場，定價有 30% 的溢價。這並不完全是這個數字，而是相對於儲備容量市場的溢價，因為當您處於按需市場時，顯然，作為運營商，您面臨著未充分利用所有容量的風險。但對我們來說，儲備合同要安全得多，因為在合同期限內基本上是照付不議的保證。

And generally, what we're doing is signing contracts with the -- especially the first that pay us back for the equipment purchases in the life of the contract. So it's doesn't leave us thinking out. And then -- so I think on the first one, we have 2 years on the contract and then we should have 3 to 4 years of useful life on the H100s maybe the innovation cycle leads up significantly, but the NVIDIA introduced the A100, I believe, in 2019. And if you have A100s operating now, you can still book those for pretty attractive rates. So that's kind of the life cycle of those.

一般來說，我們正在做的是與——尤其是第一個在合同期內向我們支付設備採購費用的合同簽訂。所以這並沒有讓我們思考。然後 - 所以我認為在第一個方面，我們的合同有 2 年，然後我們的 H100 應該有 3 到 4 年的使用壽命，也許創新周期會顯著領先，但我相信 NVIDIA 在 2019 年推出了 A100。如果您現在正在運行 A100，您仍然可以以相當有吸引力的價格預訂它們。這就是它們的生命週期。

Appreciate the color. Can you, I guess, dive a little bit deeper on exactly how much colo power you're penciling in and maybe an idea sort of on the spreads there, what you're paying for power. And then I guess, what you are charging your customers in sort of rough terms?

欣賞顏色。我想，你能更深入地了解一下你到底用了多少科洛電力，也許還有一個關於那裡的價差的想法，你為電力支付了多少費用。然後我想，您向客戶收取的粗略費用是多少？

So which segment are you talking about, Kevin, are you talking about our HPC data center side?

那麼你在談論哪個部分，Kevin，你在談論我們的 HPC 數據中心方面嗎？

Yes. Because I understand what you said, right? You said 7.5-megawatts for 5,000 GPUs, I got that. I guess, sort of assuming that your 9-megawatts at Jamestown is fully booked. So -- and I know that to meet initial customer demand, you're going to -- and have secured colo. I just like a little bit more of how you're seeing that play out.

是的。因為我明白你說的，對嗎？你說 5,000 個 GPU 需要 7.5 兆瓦，我明白了。我想，假設詹姆斯敦的 9 兆瓦電力已被預訂滿。因此，我知道，為了滿足最初的客戶需求，您將獲得託管服務。我只是更喜歡你看到的結果。

Yes. So think of the colo portion of our business. So like the Jamestown facility, the other facilities that are in development, it looks on this one, so Bitcoin Hosting was market in a certain way, which was basically just an all-in power price. And the HPC colo will look more -- it will look exactly like kind of the contracts you would see from a Digital Realty or an Equinix or a switch or someone of that nature, where there's a fixed rate, generally something like $100 per month, depending on where you are. So somewhere between $100 and $130 per month per kilowatt hour, that you use. And then -- so that's the fixed monthly rate and then you do power pass-through to the customer just at cost. So it's a little bit different billing model. It's a standard data center building model, but different than what we did on the bitcoin facilities.

是的。所以想想我們業務的託管部分。就像詹姆斯敦設施一樣，其他正在開發的設施也一樣，比特幣託管在某種程度上是市場，這基本上只是一個總的電價。 HPC colo 看起來會更多——它看起來就像你從 Digital Realty 或 Equinix 或交換機或類似性質的公司看到的合同，有固定費率，通常約為每月 100 美元，具體取決於你在哪裡。因此，您每月每千瓦時使用的費用在 100 美元到 130 美元之間。然後——這就是固定的月費率，然後你就按成本將電力傳遞給客戶。所以這是一個有點不同的計費模型。這是一個標準的數據中心建築模型，但與我們在比特幣設施上所做的不同。

Okay. Okay. Last question for me, and I'll hop back in the queue, sorry, Wes. Can you give us a view as to what the balance sheet might look like now versus the end of May?

好的。好的。我的最後一個問題，我會跳回到隊列中，對不起，韋斯。您能給我們介紹一下現在的資產負債表與五月底相比會是什麼樣子嗎？

David, do you have the update on the balance sheet now?

大衛，你現在有資產負債表的更新嗎？

Can you repeat the question?

你能重複一下這個問題嗎？

Yes. Sorry. Sorry, David. I caught you off guard. I was just wondering if you could intimate what the changes of the balance sheet might look like as of sort of end of July versus the end of May?

是的。對不起。對不起，大衛。我讓你措手不及。我只是想知道您能否透露一下 7 月底與 5 月底的資產負債表變化情況？

Yes. So cash balances went up during that period, if that's what you're -- we received the prepayment from character and continue to build the cash balances.

是的。所以現金餘額在那段時間增加了，如果你是這樣的話——我們收到了角色的預付款，並繼續增加現金餘額。

I guess I was a little more curious about the financing side.

我想我對融資方面更好奇一點。

Yes. So we will also have a sub event that we paid off the most recent loan that we've taken. So our loan balances will help also decreased. That will be in the K, Kevin.

是的。因此，我們還將有一個子事件，即我們還清了最近所借的貸款。所以我們的貸款餘額也會有所減少。那將是在 K 中，凱文。

The next question is coming from Lucas Pipes of B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Lucas Pipes。

And Wes and David, it's about the sequence or cadence of cash flow. So when you place an order, how do we think about kind of cash coming in, cash going out? Is it the moment that you place the order, it's essentially paid for through a combination of prepayments and other financing? Or is there maybe a staggered payment plan? I would just appreciate your color on that.

韋斯和大衛，這與現金流的順序或節奏有關。那麼，當您下訂單時，我們如何考慮現金的流入和流出？是在您下訂單的那一刻，基本上是通過預付款和其他融資的組合來支付的嗎？或者是否有分期付款計劃？我只是欣賞你的顏色。

Yes. Yes. Lucas, so we're getting -- I would say we're getting in a better and better position with that. So the first one -- because we're relatively unknown, we paid upon order, and then we get the prepayment after it was deployed in the future from that vendor, we get per day terms. So we should be able to deploy, get the prepayment, make the payment to the vendor instead of make the payment deploy and get the prepayment, if that makes sense.

是的。是的。盧卡斯，所以我們——我想說我們在這方面的處境越來越好。所以第一個 - 因為我們相對不知名，我們根據訂單付款，然後我們在未來部署後從該供應商處獲得預付款，我們獲得每日條款。因此，如果有意義的話，我們應該能夠部署、獲得預付款、向供應商付款，而不是部署付款並獲得預付款。

That is helpful. And the financing when the -- when does that come in within that 30-day period.

這很有幫助。融資何時在 30 天內到位。

The financing typically comes in as we take delivery.

融資通常在我們提貨時到位。

Got it. And delivery would be when in that sequence?

知道了。按照這個順序，交貨時間是什麼時候？

Again, it wouldn't be set up. So if you take delivery at either our facility or another colo facility, financing kicks in so that for the payment on the financing, and then it will take us 1 or 2 weeks to typically set these up and get them turned on and then you get prepayment. So your financing happens before the prepayment and typically before we pay the -- well, in the future, we'll pay the vendor.

再次，它不會被設置。因此，如果您在我們的設施或其他託管設施提貨，融資就會啟動，以便支付融資費用，然後我們通常需要 1 到 2 週的時間來設置這些設施並啟動它們，然後您就可以獲得預付款。因此，您的融資發生在預付款之前，通常是在我們付款之前——好吧，將來我們將向供應商付款。

Okay. Okay. That's very helpful. And maybe just to follow up on that for the order of the 26,000. Is there a way to break that down between what is fully paid for versus where there still that sequence playing out as you just outlined?

好的。好的。這非常有幫助。也許只是為了跟進 26,000 份訂單。有沒有一種方法可以區分已全額支付的費用和仍按您剛才概述的順序進行的情況？

So the way that is we have 1,000 that we've turned on, and then we'll take delivery of another significant number in late August in the neighborhood of 4,000 to 5,000, and we just keep taking delivery all the way through April.

因此，我們已經啟動了 1,000 台，然後我們將在 8 月下旬接收另一批大約 4,000 到 5,000 台的交付，並且我們將一直接收到整個 4 月。

Got it. Got it.

知道了。知道了。

So if you look in our financials, like reflected at the end of the quarter was -- we had made -- I believe we had made payment. David, you have to correct me if I'm wrong, but I don't think you see any of the assets show up on the balance sheet as of the end of the fiscal year.

因此，如果你看看我們的財務狀況，就像季度末所反映的那樣，我們已經付款了，我相信我們已經付款了。大衛，如果我錯了，你必須糾正我，但我認為截至本財年末你沒有看到任何資產出現在資產負債表上。

That's correct.

這是正確的。

June event, yes.

六月活動，是的。

Yes. So I guess we'd see that in it was fiscal first quarter for the August quarter.

是的。所以我想我們會看到這是八月份季度的第一財季。

Yes, from August quarter.

是的，從八月季度開始。

(Operator Instructions) We're showing no questions in queue at this time. I'd like to turn the floor back over to Mr. Cummins for closing comments.

（操作員說明）目前我們在隊列中沒有顯示任何問題。我想請康明斯先生髮表最後評論。

Thanks, everyone, for joining us for the call. And again, thanks to all of our employees, everyone has been working extremely hard to make it happen, and we'll speak with you in October. Thanks.

感謝大家加入我們的電話會議。再次感謝我們所有的員工，每個人都非常努力地工作以實現這一目標，我們將在 10 月份與您交談。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路或註銷網絡廣播，然後享受剩下的一天。